- Quintiles to partner with Interpharma Asia Pacific and Temasek Holdings
Limited
- JV to have $112 million investment fund to expand pharmaceutical sales
in Asia Pacific
RESEARCH TRIANGLE PARK, N.C., Jan. 24 /PRNewswire/ -- Quintiles
Transnational Corp. today announced that it has signed an agreement to join a
joint venture to commercialize pharmaceutical products in the Asia Pacific
region. Quintiles' partners in the joint venture, which will have an
investment fund totaling $112 million, are leading Asia Pacific pharmaceutical
services group Interpharma Asia Pacific, parent of drug distributor Zuellig
Pharma; and Asia investment company Temasek Holdings (Private) Limited.
In June 2005, the companies announced the joint venture and Quintiles'
signing of a letter of intent to join it. Each partner is expected to make an
equal investment in the joint venture and own one-third of the company.
The joint venture will draw on each partner's market knowledge, experience
and success in both the Asia Pacific and global healthcare markets to acquire
and commercialize existing and new pharmaceutical products targeted at the
needs of the Asia Pacific region. The joint venture is intended to help drug
companies focus their resources on R&D by providing an outsourcing channel for
product registration and sales and marketing of their brand portfolios.
Quintiles will transfer its Innovex businesses in Australia, South Korea
and India, including approximately 800 employees, to the joint venture. These
Innovex businesses provide commercialization expertise and resources to
pharmaceutical and biotechnology companies in these countries and New Zealand.
In addition, the agreement calls for Quintiles to be the exclusive provider of
clinical development services required by the joint venture in countries where
Quintiles has operations providing those services.
PharmaLink, the Asia Pacific pharmaceutical marketing services division of
Interpharma, will be transferred to the new joint venture and will help in the
acquisition of these products and, together with the transferred Innovex
businesses, subsequent marketing in the Asia Pacific healthcare market.
Zuellig Pharma will provide distribution and logistics expertise on a contract
basis; Temasek brings overall knowledge of the Asia Pacific healthcare market
and investing to meet its needs.
Quintiles Chairman and Chief Executive Officer Dennis Gillings, CBE, said:
"Through this joint venture, we can provide pharma and biotech customers with
innovative, flexible solutions to increase sales in Asia Pacific and manage
their product portfolios. Economic growth in Asia Pacific is driving greater
demand for medicines. We believe this joint venture can significantly help
companies meet the needs of this rapidly expanding market."
The Asia Pacific pharmaceutical market, currently estimated to be
$21 billion, has more than doubled over the last 10 years and is projected to
double again over the next 10 years, according to industry research.
The joint venture will be managed by Brian Nichols, Chief Executive of
PharmaLink, who has more than 30 years' experience in the pharmaceutical
industry in the Asia Pacific region. The transfer of the aforementioned
Innovex businesses and employees to the joint venture is targeted for
completion in first quarter 2006.
Quintiles is the global leader in pharmaceutical services. We improve
healthcare worldwide by providing quality professional expertise, market
intelligence and innovative partnering solutions to the pharmaceutical,
biotechnology and healthcare industries. Quintiles has 16,000 specialized
employees and offices in 50 countries. For more information visit the
company's Web site at http://www.quintiles.com.
Information in this press release contains "forward-looking statements."
These statements involve risks and uncertainties that could cause actual
results to differ materially, including, without limitation, the inability of
the parties to satisfy all conditions required for Quintiles to join the joint
venture, the possibility of delays in completing the three-way joint venture
and the ability of the parties to realize the intended benefits of the joint
venture. Additional factors that could cause actual results to differ
materially are discussed in Quintiles' recent filings with the Securities and
Exchange Commission, including but not limited to its Annual Report on Form
10-K, its Form 8-Ks and its other periodic reports, including Form 10-Qs. Any
forward-looking statements are as of the date hereof, and we have no duty to
update them if our views later change.
SOURCE Quintiles Transnational Corp.
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Related links:
http://www.quintiles.com
CONTACT:
Pat Grebe Media Relations, or
media.info@quintiles.com, or Greg Connors, Investor Relations,
invest@quintiles.com, of Quintiles Transnational Corp.,
+1-919-998-2000
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